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This excerpt taken from the PBR 20-F filed May 22, 2009. Directors
Directors may vote on a proposal, arrangement or contract in
which they are interested. However, interested directors must
declare the nature of their interest at a directors’
meeting. If the interested directors declare their interest,
their votes are counted and they are counted in the quorum of
such meeting.
The directors may, in PifCo’s name, exercise their powers
to borrow money, issue debt securities and to mortgage or charge
any of the undertaking or property of PifCo and are generally
responsible for its day-to-day management and administration.
Directors are not required to own shares.
This excerpt taken from the PBR 20-F filed Jun 30, 2005. Directors
Directors may vote on a proposal, arrangement or contract in which they are interested. However, interested directors must declare the nature of their interest at a directors’ meeting. If the interested directors declare their interest, their votes are counted and they are counted in the quorum of such meeting.
The directors may, in PIFCo’s name, exercise their powers to borrow money, issue debt securities and to mortgage or charge any of the undertaking or property of PIFCo and are generally responsible for its day-to-day management and administration.
Directors are not required to own shares.
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